J & K partnership's balance sheet at December 31, 2018 reported the following: ...
60.1K
Verified Solution
Link Copied!
Question
Accounting
J & K partnership's balance sheet at December 31, 2018 reported the following:
Total Assets
100,000
Total Liabilities
20,000
J, Capital
40,000
K, Capital
40,000
On January 2, 2019 J and K dissolved their partnership and transferred all assets and liabilities to a newly formed corporation. At the date of incorporation, the fair value of the net assets was $12,000 more than the carrying amount on the partnership's books, of which $7,000 was assigned to tangible assets and $5,000 was assigned to good will. J and K were each issued 5,000 shares of the corporation's $1 par value common stock. Immediately following incorporation, additional paid in capital in excess of par should be credited for how much?
(Show all Calculations)
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
